Swedish developer Arise is to sell the 231MW Skaftasen wind farm in Sweden to funds managed by Foresight Group, in a deal that could be worth over €25m.
Under the terms of the deal, which closes today, Arise will receive €19.1m, with an additional €6.4m variable consideration expected to be received once construction of the project has been completed.
The variable part of the consideration is dependent on how construction of the project proceeds versus plan and budget, the company said.
The transaction also includes an additional production based earn-out mechanism amounting to up to €4.5m.
Arise said the sale is expected to have a positive impact on earnings of approximately Skr210m (€20m) in total over the years 2019 to 2021, of which about Skr140m is expected in the fourth quarter of 2019.
Arise will manage the construction and once operational, manage the project on behalf of Foresight.
Construction of Skaftasen is underway, with Siemens Gamesa supplying 35 6.6MW turbines from its 5.X platform.
Commissioning is expected late 2021.